Q2 2026 Ensurge Micropower ASA Earnings Call

August 31, 2026

Speaker #1: Overview.

Shauna McIntyre: Over to you.

Speaker #2: Thank you, Shawna. And good afternoon, everyone. It is a privilege to step into the CFO position at such an important time in the company's evolution.

Bryce Dille: Thank you, Shauna, and good afternoon, everyone. It is a privilege to step into the CFO position at such an important time in the company's evolution. While I am still early on in the process, my immediate priorities are clear. It will be important to maintain strict financial discipline, to continue optimizing our cost structure, and to retain the financial flexibility required to capture our core market opportunities across next-generation high-performance devices. The team has built an incredibly strong technology foundation, and with key operational pieces now in place, I am excited to help lead Ensurge through its next phase of growth. Our focus will be on disciplined capital allocation, both technical and commercial execution, and ensuring that we have a strong foundation to scale the business and drive long-term shareholder value. I am very happy to be with Ensurge and with the team.

Speaker #2: While I'm still early on in the process, my immediate priorities are clear: it will be important to maintain strict financial discipline, continue optimizing our cost structure, and retain the financial flexibility required to capture our core market opportunities across next-generation high-performance devices.

Speaker #2: The team has built an incredibly strong technology foundation, and key operational pieces are now in place. I am excited to help lead Ensurge through its next phase of growth.

Speaker #2: Our focus will be on disciplined capital allocation, both technical and commercial execution, and ensuring that we have a strong foundation to scale the business and drive long-term shareholder value.

Speaker #2: I'm very happy to be with Ensurge and with the team, and with that, I will pass it back to Shawna.

Speaker #1: Great, thanks so much, Bryce. Welcome aboard—so happy to have you. Let's get into it. The next page is just the standard disclaimer.

Bryce Dille: I will pass it back to Shauna.

Shauna McIntyre: Great. Thanks so much, Bryce. Welcome aboard. So happy to have you. Let us get into it. The next page is just standard disclaimer. Please read it at your own time. I would encourage you to review it, and I will let our IR team know that it is posted. Slide 3, this is the standard product or the standard, I would say, time sequence that you have seen time and again. This is the path we are on, and this is the path we have been on all year. Q1 was about proving that the chemistry could deliver performance, and we delivered record performance. Q2 is the quarter that we are here to discuss, was about paving that performance and proving that that performance repeats. Because a battery that works once in a glove box in the lab form is not a product, it is a lab result.

Speaker #1: Please read it at your own time. I'd encourage you to review it, and I'll let our team know that it's posted.

Speaker #1: So, slide 3. This is the standard product, or the standard—I would say—time sequence that you've seen time and again. This is the path we're on, and it's a path we've been on all year.

Speaker #1: Q1 was about proving that the chemistry could deliver performance—and we delivered record performance. Q2, the quarter we're here to discuss, was about paving that performance and proving that the performance repeats, because a battery that works once in a glove box in laboratory form isn't a product.

Shauna McIntyre: This is the path we are on, and this is the path we have been on all year. Q1 was about proving that the chemistry could deliver performance, and we delivered record performance. Q2 is the quarter that we are here to discuss, was about paving that performance and proving that that performance repeats. Because a battery that works once in a glove box in the lab form is not a product, it is a lab result.

Speaker #1: It's a lab result. What we're proving here is that those processes repeat, and that is a prerequisite to being able to ship products to customers and to have a product that's viable in the marketplace.

Shauna McIntyre: What we are proving here is that those processes repeat, and that is a prerequisite to be able to ship products to customers and to have a product that is viable in the marketplace. H2 is about external validation, getting a real customer, putting a name on our data. Every step is a step toward commercialization, which has been the anchor for the year. To walk through what we have performed in the first half, certainly I have already shared with you the Q1 report when we delivered record results from both our baseline platform and early results from the Corning single layer. That was an accomplishment unto itself and some of the first in the industry for solid-state batteries. The real proof in the pudding is here when it comes to process repeatability. This gets down to the material science of what each process can perform.

Speaker #1: H2 is about external validation, getting a real customer, and putting a name on our data. Every step is a step toward commercialization, which has been the anchor for the year.

Speaker #1: So, to walk through what we've performed in the first half, certainly I've already repeated—I've already shared with you the Q1 reports when we delivered record results.

Speaker #1: From both our baseline platform and early results from the Corning single layer—that was an accomplishment unto itself—and some of the first signatures for solid-state batteries.

Speaker #1: But the real reason we're putting this here, when it comes to process repeatability, is that this gets down to the material science of what each process can perform.

Speaker #1: And by focusing on our core process, the lifelong deposition process, this is something that's unique to solid-state microbatteries. The lifelong is what is the solid-state electrolyte.

Shauna McIntyre: By focusing on our core process, the LiPON deposition process, this is something that is unique to solid-state microbatteries. The LiPON is what is the solid-state electrolyte. By focusing on that process, by bringing in world-leading experts, hiring in battery experts themselves, and focusing on getting to that repeatability, we delivered a 4x, that is quadruple, of the LiPON electrolyte performance, and a narrowing of any variability by 3x. This is what paves the way to repeatability, and it is what paves the way for solid-state batteries actually making it into production. This is a major breakthrough for solid-state batteries around the world, and Ensurge was here to deliver it. H2 is about bringing that to customers, engaging customers.

Speaker #1: And by focusing on the product, that process—by bringing in experts, world-leading experts, hiring in battery experts themselves, and focusing on getting to that repeatability—we delivered a 4x.

Speaker #1: That's a quadrupling of the lifelong electrolyte performance, and a narrowing of any variability by 3x. This is what paves the way to repeatability, and it is what paves the way for solid-state batteries actually making it into production.

Speaker #1: This is a major breakthrough for solid-state batteries around the world, and Ensurge is here to deliver it. H2 is about bringing that to customers—engaging customers.

Speaker #1: We are spending a great deal of time making sure that those leading companies in the world that are the most innovative and understand the value of solid-state— that they actually believe in us, and that we are the credible company that's worth them partnering with.

Shauna McIntyre: We are spending a great deal of time making sure that those leading companies in the world that are the most innovative and understand the value of solid state, that they actually believe in us, and that we are the credible company that is worth them partnering with. We are making great progress in that regard. To sum up Q2 in a bit more detail, on the commercial front, we brought in a new commercial leader, Salil Soman, with 25 years of experience. We have advanced those paid customer development programs, as I mentioned. A moment on that. What does matter is that those customer development programs are long-term, multi-phased, that these are partners that work with us every step along the way. A battery built in a lab without a customer is just a lab product.

Speaker #1: And we are making great progress in that regard. To sum up Q2 in a bit more detail, on the commercial front, we brought in a new commercial leader, Celeste Simon, with 25 years of experience.

Speaker #1: We've advanced those paid customer development programs, as I mentioned. And a moment on that—what does matter is that those customer development programs are long term, multi-phased, and that these are partners that work with us every step along the way.

Speaker #1: A battery built in a lab without a customer is just a lab product. What we're doing is bringing this to customers, making it real and making it tangible, so that by developing that product, it actually meets customer specifications and meets customer demand as a result.

Shauna McIntyre: What we are doing is bringing this to customers, making it real, and making it tangible, so that by developing that product, it actually meets customer specifications and meets customer demand as a result. The financials, we continue to have great discipline, essentially restructuring the team, bringing in the requisite people, the type of skills we need to bring this to market while keeping our costs relatively flat. The exciting news for us is we are very close to being able to move our location. This is not only a dramatic cost reduction for the company in terms of our ability to reduce our fixed costs substantially, but it creates a showcase opportunity for the company, for customers, and an ability for us to really show what solid-state batteries can do. It is thanks to our investors for making all that happen.

Speaker #1: Regarding the financials, we continue to have great, great discipline—essentially restructuring the team, bringing in the requisite people and the type of skills we need to bring this to market, all while keeping our costs relatively flat.

Speaker #1: The exciting news for us is we are very close to being able to move our location. This is not only a dramatic cost reduction for the company, in terms of our ability to reduce our fixed costs substantially, but it also creates a showcase opportunity for the company, for customers, and an ability for us to really show what solid-state batteries really do.

Speaker #1: And it's thanks to our investors for making all that happen. The team, we are now—our leadership team transformation is complete, thanks to Bryce being on board, thanks to Celeste being on board.

Speaker #1: We have a well-rounded leadership team: myself, our CTO, Dr. Asma Sharafi; our COO, Matt Catterson; our CCO, Celeste Simon; and our CFO, Bryce Dilley.

Shauna McIntyre: The team, our leadership team transformation is complete thanks to Bryce being on board, thanks to Salil being on board. We have a well-rounded leadership team, myself, our CTO, Asma Sharafi, our COO, Matt Catterson, and now our CCO, Salil Soman, and CFO, Bryce Dille. We have also hired in great people into the company, keeping a super high bar. As you recall, we downsized the team substantially in early 2026, and now we have built it back up with the people who are making progress immediately. The thing that really is making Q2 a quarter of all quarters, and that is this repeatability of the LiPON process.

Speaker #1: We've also hired in great people into the company, keeping a super-high bar. As you recall, we downsized the team substantially in early, early 2026, and now we've built it back up with people who are making progress immediately.

Speaker #1: The thing that really is making Q2 a quarter of all quarters is this repeatability of the lifelong process. This is something that's fundamental to what we do, and the dividends of this are going to play themselves out in the final product.

Speaker #1: Also, we had continued capacity and continued testing of our Corning ribbon ceramic cathode, and we were able to move that from what's called a glove box into our standard test protocols, which will accelerate testing.

Shauna McIntyre: This is something that is fundamental to what we do, and the dividends of this are going to play themselves in the final product. We also had continued testing of our Corning Ribbon Ceramic cathode, and we were able to move that from what is called a glove box into our standard test protocols, which will accelerate testing. The other thing I would say we did quite a good job with is then addressing some of the legacy thin film equipment that had limitations for what it was doing, and we broke through and actually resolved some equipment challenges to address in being able to achieve the results we did. To double click here on LiPON, this is the solid-state electrolyte. Any other battery, standard batteries today are liquid electrolyte. That liquid just flows between the anode and the cathode. The challenge with solid state is that it is solid.

Speaker #1: The other thing I would say we did quite a good job with is addressing some of the legacy Intel equipment that had limitations for what it was doing. We broke through and actually resolved some equipment challenges, which enabled us to achieve the results we did.

Shauna McIntyre: The other thing I would say we did quite a good job with is then addressing some of the legacy thin film equipment that had limitations for what it was doing, and we broke through and actually resolved some equipment challenges to address in being able to achieve the results we did. To double click here on LiPON, this is the solid-state electrolyte. Any other battery, standard batteries today are liquid electrolyte. That liquid just flows between the anode and the cathode. The challenge with solid state is that it is solid.

Speaker #1: So, to double-click here on 'lifelong,' this is the solid-state electrolyte. Any other battery—a standard battery today—or a liquid electrolyte, that liquid just flows between the anode and the cathode.

Speaker #1: The challenge with solid-state is that it's solid, and if that's solid and isn't perfect or near perfect, then it poses great challenges. If you'll see on the left, there are some areas without bubbles, and there were times when the company was able to get results from that lifelong part.

Speaker #1: But you'll see other areas that had bubbles. That's unacceptable for batteries; that's just not something that will scale. So honing in on that process and being able to get it to an acceptable level is necessary for then all the other steps in the process.

Shauna McIntyre: If that solid is not perfect or near perfect, then it poses great challenges. If you will see on the left, there are some areas without bubbles, and there were times when the company was able to get results from that LiPON part. But you will see other areas that had bubbles. That is unacceptable for batteries. That is just not something that will scale. Honing in on that process and being able to get it to an acceptable level is necessary for then all the other steps in the process. What we achieved was incredible results. LiPONs have had a reputation of having pinholes or pit holes, and you will see we have a glassy substance on the right. The objective was set up front to make sure that our sputtering process hit a particular specification.

Speaker #1: And what we achieved was incredible results. Lifelong has had a reputation for having potholes or pit holes, and you'll see we had a glassy substance on the right.

Speaker #1: So, the objective was set upfront to make sure that our starting process hit a particular specification. That specification, that we know is going to be competitive and is going to produce the results we need, when we assess the composition, we put the objectives in terms of conductivity, and we reviewed the entire element of the process.

Speaker #1: From the equipment, from the composition of the lithium to the phosphate to the nitrogen, to actual conductivity, then, finally, of the ionic movement. Recall that the electrolyte is what moves those ions between the anode and the cathode, or the plus and the minus of a battery.

Shauna McIntyre: That specification that we know is going to be competitive and it is going to produce the results we need. We assess the composition. We put the objectives in terms of conductivity, and we reviewed the entire element of the process, from the equipment, from the composition of the lithium to the phosphate to the nitrogen, to the actual conductivity then finally of the ionic movement. Recall that the electrolyte is what moves those ions between the anode or the cathode, or the plus and the minus of a battery. It is that conduit for all of those electrons to the ions to get from one to the other and back again. This is our highway. This is our ability to go from the sidewalk to the shop, the door that opens for these ions to move between the negative and positive.

Speaker #1: And so, it's that conduit for all of those electrons to the ions to get from one to the other, and back again. So, this is our highway.

Speaker #1: This is our ability to go from the sidewalk to the shop, the door that opens for these ions to move between the negative and positive.

Speaker #1: So this is the fundamental science of what we do. By assessing the process and making sure that we didn't make any assumptions about what that process could deliver, we then looked at what changes we needed to implement by doing a very disciplined design of experiments.

Speaker #1: We improved the chemical composition. We improved the equipment. And we improved the ability to deliver there. And now, it's not a matter of just doing this once.

Shauna McIntyre: This is the fundamental science of what we do. By assessing the process, by making sure that we didn't make any assumptions on what that process could deliver, we then looked at what changes we need to implement by doing a very disciplined design of experiments. We improved the chemical composition, we improved the equipment, and we improved the ability to deliver there. Now it's not a matter of just doing this once. This on the right is not a measure. If we just did that once and we couldn't repeat it, well, then this wouldn't be a result. The importance of controlling that, and what that means is having specified definitions for what that process needs to do, and then making sure that the people who are operating that process are doing exactly the same thing.

Speaker #1: This, on the right, is not a measure. If we just did that once and we couldn't repeat it, well, then this wouldn't be a result.

Speaker #1: So, the importance of controlling that—and what that means—is having specified definitions for what that process needs to do, and then making sure that the people who are operating that process are doing exactly the same thing.

Speaker #1: All these things may sound quite boring, but they are so critical to making sure that this lifelong long step actually delivers what we need it to deliver.

Speaker #1: And you'll see on the bottom, this is one example of the type of improvement we made that resulted in that ionic conductivity improvement, and that is the thickness.

Speaker #1: So if you'll see those colors on the bottom left, the thickness had its challenges. We had a very wavy lifelong process. By fixing the various elements in terms of the equipment and the composition of the lifelong, as well as in the process control, we were able to get it to a very controllable, very thin level.

Shauna McIntyre: All these things may sound quite boring, but they are so critical to making sure that this LiPON step actually delivers what we need it to deliver. You'll see on the bottom, this is one example of the type of improvement we made that resulted in that ionic conductivity improvement, and that is the thickness. If you'll see those colors on the bottom left, the thickness had its challenges. We had a very wavy LiPON process. By fixing the various elements in terms of the equipment and in terms of the composition of the LiPON as well as in the process control, we're able to get it to a very controllable, very thin level.

Speaker #1: This is a breakthrough for solid-state battery development, and it's something that I'm excited to share publicly, as it really is fundamental to everything else we do.

Speaker #1: And it is the path to scale and commercialization. To be able to replicate performance across cells, time and again, is what paves our way to get to a proof-of-concept exit.

Speaker #1: A note about the stack, because I think this is important to understand in the public and to be very clear. We've shown our product in its entirety, but what's, I think, really important is to show it broken down.

Shauna McIntyre: This is a breakthrough for solid-state battery development, and it's something that I'm excited to share publicly as it really is fundamental to everything else we do, and it is the path to scale and commercialization. To be able to replicate performance across cells time and again is what paves our way to get to a proof of concept exit. A note about the stack, because I think this is important to just understand in the public and to be very clear, we've shown our product in an entirety, but what's I think really important is to show it broken down. You may remember a Gen 1 product. Well, that is really our R&D platform. That is the stainless steel. You'll see the stainless steel there on the left. It is a structural member. It provides structure to the rest of the stack.

Speaker #1: So, you may remember a Gen 1 product. Well, that is really our R&D platform. That is the stainless steel—you'll see the stainless steel there on the left.

Speaker #1: It is a structural member. It provides structure to the rest of the stack. It's in 75-micron, eventually 10-micron stainless steel, but that provides the structure.

Speaker #1: The cathode is what we have to plaster vapor deposition. We basically add the lifelong to that stainless steel as our cathode, as one of the poles of the battery.

Speaker #1: Recall the lifelong solid-state electrolyte that goes in between the cathode and then the anode current collector. And one of the beauties of this product is that it can ship without being charged.

Speaker #1: And so that anode is actually what we call anode-less before it charges, before it ships, and then upon its first charge, it turns into an anode.

Shauna McIntyre: It's in 75 micron, eventually 10 micron stainless steel, but that provides a structure. The cathode is what we have to physical vapor deposition. We basically add the LiCoO2 to that stainless steel as our cathode, as one of the poles of the battery. Recall the LiPON solid-state electrolyte that goes in between the cathode and then the anode current collector. One of the beauties of this product is that it can ship without being charged. That anode is actually what we call anode less before it charges and before it ships, and then upon its first charge, it turns into an anode, and that's when the ions start moving back and forth. The secret piece of this sandwich is that LiPON. It is the value add contributor.

Shauna McIntyre: It's in 75 micron, eventually 10 micron stainless steel, but that provides a structure. The cathode is what we have to physical vapor deposition. We basically add the LiCoO2 to that stainless steel as our cathode, as one of the poles of the battery. Recall the LiPON solid-state electrolyte that goes in between the cathode and then the anode current collector. One of the beauties of this product is that it can ship without being charged. That anode is actually what we call anodeless before it charges and before it ships, and then upon its first charge, it turns into an anode, and that's when the ions start moving back and forth. The secret piece of this sandwich is that LiPON. It is the value-add contributor.

Speaker #1: And that's when the ions start moving back and forth. So, the secret piece of this sandwich is that ‘lifelong.’ It is the value-add contributor.

Speaker #1: And so, by focusing on stainless steel and the equipment we have in the building, and the maturity of that product, we're able to drill into lifelong.

Speaker #1: All of these developments are progress toward what we're calling the Encore product platform. This includes our Corning cathode, as well as the joint development agreement we have with Corning.

Speaker #1: And you'll see the lifelong deposition process carries over from one platform to another platform and, again, provides that important layer of conductivity between the cathode and the anode, or the plus and the minus, of the battery.

Shauna McIntyre: By focusing on stainless steel and the equipment we have in the building and the maturity of that product, we are able to drill into the LiPON. All of these developments are goodness toward what we are calling the Encore product platform. This is our Corning cathode, the joint development agreement we have with Corning. You will see the LiPON deposition process carries over from one platform to another platform, and again, provides that important layer of conductivity between the cathode and the anode, or the plus and the minus of the battery. These are process steps that go between both battery platforms and are the fundamental science and the value that we are creating as a team. There are other elements of the development that we are focusing on the stainless steel that translate to the Encore product platform, such as the anode design with copper.

Speaker #1: So these are process steps that go between both battery platforms, and are the fundamental science and value that we're creating as a team.

Speaker #1: There are other elements of the development that we are focusing on—on the stainless steel—that translate to the Encore product platform. There's the anode design with copper.

Speaker #1: And validation, so making sure that we have the right type of test protocol and the test equipment to be able to test and verify the performance repeatedly at a very fine level of magnitude.

Speaker #1: The likeness specification—this is lithium cobalt oxide. That is a specification of the cathode. By learning on our own solid-state stainless steel platform, we can then understand: what is the specification required of our partners?

Speaker #1: Assembly and stacking—this is a mechanical piece. So, once you have your assembly of a cell, then you stack your cells on top of each other.

Shauna McIntyre: Test and validation, so making sure that we have the right type of test protocol and the test equipment to be able to test and verify the performance repeatedly at a very fine level of magnitude. The LiCoO2 specification. This is lithium cobalt oxide. That is a specification of the cathode. By learning on our own solid-state stainless steel platform, we can then understand what is the specification required of our partners. Assembly and stacking, this is a mechanical piece. So once you have your assembly of a cell, then you stack your cells on top of each other. That mechanical process of stacking is the same across both platforms with a little different material handling across the two. But ensuring that we have the right specification for assembly and stacking from one directly parlays to the other. Lastly, customers.

Speaker #1: That mechanical process of stacking is the same across both platforms, with a little different material handling across the tube, but ensuring that we have the right specification for assembly and stacking from one directly parlays to the other.

Speaker #1: And lastly, customers. The customers, we can speak to about both platforms, because the stainless steel has its own benefits and its own merits, and for many reasons.

Speaker #1: A team of approximately 50 people needs to focus, and that's why, by focusing on Lifelong, we've been able to deliver Lifelong. Last quarter, by focusing on Cycling, we were able to focus and deliver on Cycling.

Speaker #1: And so, by focusing our efforts, we make progress. I'm quite enthusiastic about this team and what we've already accomplished. To recall, this is last quarter's data.

Shauna McIntyre: The customers we can speak to about both platforms, because the stainless steel has its own benefits and its own merits. For many reasons, a team of approximately 50 people need to focus, and by focusing on LiPON, we have been able to deliver LiPON last quarter. By focusing on cycling, we were able to focus and deliver on cycling. By focusing our efforts, we make progress, and I am quite enthusiastic about this team and what we have already accomplished. To recall, this is last quarter's data. This is nothing new, but this does show the level of dramatic improvement that is possible when a team focuses on something with the right set of skills. The previous baseline performance, the product died by around 60 to 80 cycles, and lithium was escaping and that is obviously not a marketable product.

Speaker #1: This is nothing new, but it does show the level of dramatic improvement that's possible when a team focuses on something with the right set of skills.

Speaker #1: So the previous baseline performance—the product died by around 60 to 80 cycles, and lithium was escaping. And that’s obviously not a marketable product.

Speaker #1: But by bringing in and focusing on encapsulation and the cell architecture itself, we were able to move that cyclability up. So, think about your phone battery.

Speaker #1: You know how oftentimes a phone dies within a year and a half, or the battery cycle life is quite low or within a year and a half or so of owning a phone.

Speaker #1: That's that curve, exactly. So you want that curve to be as flat as possible so that you can cycle in perpetuity and not lose the battery life.

Speaker #1: And so the point here is to make sure that that curve gets to be very flat. The improvement this team was able to do in a very short period of time is a testament to the battery knowledge and the focus and the problem-solving on making sure that we focus on cyclability and we get that cyclability.

Shauna McIntyre: By bringing in and focusing on encapsulation and the cell architecture itself, we were able to move that cyclability up. So think about your phone battery. You know how oftentimes the phone dies within a year and a half, or the battery cycle life is quite low or within a year and a half or so of owning a phone. That is that curve exactly. So you want that curve to be as flat as possible so that you can cycle in perpetuity and not lose your battery life. The point here is to make sure that that curve gets to be very flat. The improvement that this team was able to do in a very short period of time is a testament to the battery knowledge and the focus and the problem-solving on making sure that we focus on cyclability and we get that cyclability.

Speaker #1: To have about 250 cycles at 70% capacity retention for an early product sample is pretty remarkable in the overall scheme of battery development. The thing that gets really exciting is this early data we showed you last quarter about Corning.

Speaker #1: And you'll see the slope of that curve is pretty flat. And so the cycling retained itself during the course of the battery life, at least over these 100 cycles and more that we tested last time.

Speaker #1: So, this is the rubric. This is what good looks like—being able to show you cycle data with a flat curve. And believe me, as we develop our data, as we develop our product and build these building blocks to ensure we have repeatability of results, you'll be seeing more of these types of cycle curves.

Shauna McIntyre: To have about 250 cycles at 70% capacity retention for an early product sample is pretty remarkable in the overall scheme of battery development. The thing that gets really exciting is this early data we showed you last quarter about Corning, and you will see that the slope of that curve is pretty flat. The cycling retains itself during the course of the battery life, at least over these 100 cycles and more that we tested last time. This is the rubric. This is what good looks like, is being able to show you cycle data with a flat curve. Believe me, as we develop our data, as we develop our product and build these building blocks to ensure we have repeatability of results, you will be seeing more of these types of cycle curves. This is a chart as well that you have seen before.

Speaker #1: This is a chart as well that you've seen before. It might look a little different, but the focus is on proof of concept. So as you recall, up to date, the goodness of what we're building right now is all the innovation that happened prior to my joining and to the new team being on board.

Speaker #1: This discovery, this innovation, these new ideas—this allowed our wonderful solid-state architecture to be where it is today. And the core fundamental principles of the fact that this technology works were demonstrated back then.

Speaker #1: And that's something we should all be proud of. The thing that really unlocks value for the company is being able to do it repeatedly.

Speaker #1: To have good performance, to have the repeatability, to have the cycling data, all while focusing on a customer application. So, not doing it online, not doing it in a vacuum, but doing it focused with a customer.

Shauna McIntyre: Might look a little different, but the focus is on proof of concept. As you recall, up to date, the goodness of what we are building from right now is all the innovation that happened prior to my joining and to the new team being on board. This discovery, this innovation, this new ideas, this allowed our wonderful solid-state architecture to be where it is today. The core fundamental principles of the fact that this technology works were demonstrated back then, and that is something we should all be proud of. The thing that really unlocks value for the company is to be able to do it repeatedly, to have the performance, to have the repeatability, to have the cycling data, all while focusing on a customer application. Not doing it in a lab, not doing it in a vacuum, but doing it focused with a customer.

Speaker #1: And this is exactly our focus for this year, and that hasn't deviated from any previous statements. Proof of concept unlocks substantial value—the rest is execution.

Speaker #1: The rest is then in lockstep with a handful of customers as we validate the engineering design with more robust testing. Within the design validation is really when you walk in and get that design freeze, to then focus on production validation—getting all that equipment and the processes locked in so that you have quality and repeatability at mass production.

Speaker #1: The worst thing in the world is to have a process that's not ready for mass production or a product that may have some fundamental flaws.

Speaker #1: So you need to do that upfront, and that's why this proof-of-concept stage is so critical to unlocking that value—because then the rest is execution.

Shauna McIntyre: This is exactly our focus for this year, and that has not deviated from any previous statements. Proof of concept unlocks substantial value. The rest is execution. The rest is then in lockstep with a handful of customers as we validate the engineering design with more robust testing. Within the design validation is really when you lock in and get that design freeze to then focus on production validation, getting all of that equipment and the processes locked in so that you have quality and repeatability at mass production. The worst thing in the world is to have a process that is not ready by mass production or a product that may have some fundamental flaws.

Speaker #1: And the rest is something that has very much been done with new product introduction. But getting this product to a real, workable and repeatable level in the hands of customers is a very important step.

Speaker #1: And we're excited to be there now and making real progress toward that proof of concept. The product is something that also bears sharing with customers and investors.

Speaker #1: This is something that we, as this page that we're starting to show to customers, because it really does show the value of what we have as Ensurge.

Shauna McIntyre: You need to do that upfront, and that is why this proof of concept stage is so critical to unlocking that value, because then the rest is execution, and the rest is something that is very much been done with new product introduction. But getting this product to a real workable and repeatable level in hand with customers is a very important step, and we are excited to be there now and making real progress toward that proof of concept. The product is something that also bears sharing with customers and investors. This is something that we, the page that we are starting to show to customers because it really does show the value of what we have as Ensurge. Today's lithium-ion batteries, you will see on the left nickel metal hydride, nickel cadmium. These are batteries that are in production today. You will see companies might advertise it.

Speaker #1: So, today's lithium-ion batteries—you'll see, on the left, nickel hydride, nickel cadmium—these are batteries that are in production today. And you'll see companies might advertise that they may have gotten to 600 watt-hours per liter.

Speaker #1: But they reach a natural asymptote with a liquid electrolyte. What we have out to the right, in terms of the volumetric energy density as well as gravimetric energy density, is substantial.

Speaker #1: And this energy density—being able to pack more electrons into a box so that it delivers the same or more functionality to an end product without compromising package—is such goodness that comes with the solid-state battery platform.

Speaker #1: So, the energy density just sets us apart and makes us unbeatable. But the other fundamental building blocks are really important too, and are meaningful to our customers.

Speaker #1: The safety. So having the solid-state electrolyte—recall the life on solid versus a liquid. The liquid electrolyte is what causes the runaway, which causes the airplane.

Shauna McIntyre: They may have gotten to 600 watt-hours per liter, but they reach a natural asymptote with a liquid electrolyte. What we have out into the right in terms of the volumetric energy density as well as gravimetric energy density is substantial. This energy density, being able to pack more electrons into a box so that it delivers the same or more functionality to an end product without compromising package, is such goodness that comes with a solid-state battery platform. The energy density just sets us apart and makes us unbeatable. But the other fundamental building blocks are really important too, and are meaningful to our customers. The safety, so having the solid-state electrolyte, recall the LiPON solid versus a liquid. The liquid electrolyte is what causes thermal runaway, which causes those thermal challenges.

Speaker #1: And they say if you drop your phone, don't reach for it and find somebody to help you with a cracked phone. That's because of the liquid electrolyte.

Speaker #1: If you have a solid-state battery in your phone, you're not going to have that worry. That is why the solid-state electrolyte really builds a market opportunity for our product.

Speaker #1: And you'll see those shears in the middle picture there. Those are metal shears. Those conduct electricity. And the thermal camera that showed that test result showed nominal, if any, increase in the temperature of that product.

Speaker #1: So, that battery. So, the point is that by having a safe product, that unlocks a lot of opportunities. Think about medical device implantables—near the eyes, near the ears, all of that.

Speaker #1: Nobody wants a liquid electrolyte near their eyes or ears. Nobody wants a liquid electrolyte inside their body. But a solid electrolyte opens up many, many opportunities.

Shauna McIntyre: If you've ever been in an airplane and they say, "If you drop your phone, don't reach it, and find somebody to help you with a cracked phone," that's because of the liquid electrolyte. If you have a solid-state battery in your phone, you're not going to have that worry. That is why the solid-state electrolyte really builds a market opportunity for our product. You'll see those shears in the middle picture there. Those are metal shears. Those conduct electricity. The thermal camera that showed that test result showed nominal, if any, increase in the temperature of that product, or of that battery. The point is that by having a safe product, it unlocks a lot of opportunities. Think about medical device, implantables, near the eyes, near the ears, all of that. Nobody wants a liquid electrolyte near their eyes or ears.

Speaker #1: And speaking of opportunities, the form factor is flexible. Being able to have a semiconductor-like process where the form factor is a function of the laser etching means that we can etch it in any form, whatever shape we would like.

Speaker #1: So this opens up design flexibility for our customers. And this is an increasingly discussed topic as we engage external parties. And lastly, another really important piece is that the solid-state electrolyte—because it is solid state, the battery, I should say, the solid-state battery, because it has a solid-state electrolyte—it actually enjoys higher temperature tolerance.

Speaker #1: So today's batteries need brackets and clips to be able to attach themselves to a circuit board because the battery needs to be added after the circuit board is soldered in place.

Shauna McIntyre: Nobody wants a liquid electrolyte inside their body. But a solid electrolyte opens up many opportunities. Speaking of opportunities, the form factor being flexible, being able to have a semiconductor-like process where the form factor is a function of the laser etching means that we can etch it in whatever shape we would like. This opens up design flexibility for our customers, and this is an increasingly discussed topic as we engage external parties. Lastly, another really important piece is that the solid-state electrolyte, because it is solid-state, the battery, I should say, the solid-state battery, because it has a solid-state electrolyte, it actually enjoys higher temperature. Today's batteries need brackets and clips to be able to attach themselves to a circuit board because the battery needs to be added after the circuit board is soldered in place.

Speaker #1: Our battery enjoys high temperatures; the solid electrolyte doesn't change phase if it hits a higher temperature. So you can solder the battery in place on that board, saving a lot of package size.

Speaker #1: There are so many degrees of freedom we have with this wonderful product. This new echelon, this new platform for solids, for battery production—Western-grown, Western-developed—that will unlock so many opportunities for our customers.

Speaker #1: And it's something that is engaging, and why solid-state batteries more generally are something that the public and the world are eagerly awaiting. And no surprise, the market is massive and growing quickly.

Speaker #1: So we categorize it into two markets. One is the market that is here right now, needing product and engaging with us immediately. These are products that you might have seen already.

Shauna McIntyre: Our battery enjoys high temperature. The solid electrolyte doesn't change phase if it hits a higher temperature. You can solder the battery in place in that board, saving a lot of package size. There are so many degrees of freedom we have with this wonderful product, Ensurge's new platform for battery production, Western grown, Western developed, that will unlock so many opportunities for our customers, and is something that is engaging, and why solid-state batteries more generally are something that the public and the world are eagerly awaiting. No surprise, the market is massive and growing quickly. We categorize it into two buckets. One is the market that is here right now needing product, engaging with us immediately. These are products that you might have seen already, hearing aids, watches, rings, other wearables. These are applications that are here and now.

Speaker #1: Hearing aids, watches, rings, other wearables. These are applications that are here and now. And by adding a solid-state micro battery like our own, you can either reduce the size or you can add functionality.

Speaker #1: You don't need to have that trade-off of, well, if I want more functionality, the product has to get bigger. That's what the discussion is with today's batteries.

Speaker #1: With our battery, you have your cake and eat it too. You get them both. So the customers are quite excited. And these are applications that are here now.

Speaker #1: But there's a whole other new market that this unlocks, that we're increasingly in discussion about. I mentioned in the disclosure that we have expanded our target markets into defense.

Speaker #1: There are a number of defense applications. If you think about the wearables for armed service, you think about the applications in the field where battery life matters.

Speaker #1: And that supply chain of providing batteries to people on the front line, or just the intelligence behind all of the different activities of the armed forces.

Shauna McIntyre: By adding a solid-state microbattery like our own, you can either reduce the size or you can add functionality. You do not need to have that trade-off of, well, if I want more functionality, the product has to get bigger. That is what the discussion is with today's batteries. With our battery, you have your cake and eat it too. You get them both. The customers are quite excited, and these are applications that are here now. There is a whole other new market that this unlocks that we are increasingly in discussion about. As I mentioned in the disclosure, we have expanded our target markets into defense. There are a number of defense applications.

Speaker #1: So defense is incredibly important, as well as robotics. Increasingly, if you think about actuating every knuckle on a humanoid or every little micro-drone that exists, this is an unlimited level of applications.

Speaker #1: And it starts with proving the concept and having a product that the customers understand, recognize, and trust as credible. And that's what we're focused on.

Speaker #1: But the markets themselves are massive. And we have the right product, the right technology, the right team, at the right time. And that is a beautiful recipe.

Shauna McIntyre: If you think about the wearables for armed service, you think about the applications in the field where battery life matters, and that supply chain of providing batteries to people in the front line, or just the intelligence behind all of the different activities of the armed forces. Defense is incredibly important, as well as robotics. Increasingly, if you think about actuating every knuckle on a humanoid or every little micro drone that exists, this is an unlimited level of applications, and it starts with proving the concept and having the product that the customers understand and recognize and understand is credible. That is what we are focused on. The markets themselves are massive, and we have the right product, the right technology, the right team at the right time, and that is a beautiful recipe. The other beautiful recipe here is our competitive space.

Speaker #1: The other beautiful recipe here is our competitive space. So, this is on the left. This is a released microbattery. This company advertised this microbattery as being a solid-state battery.

Speaker #1: Similar voltage range as our own, but take a look at the volumetric energy density and the gravimetric energy density—the specific energy. Substantially lower. What they're finding are markets for these little products.

Speaker #1: So, wireless cooktop sensors, or a tiny wireless charging form factor—these are opportunities that this company has identified and found. But, with a woefully inferior product to our own.

Speaker #1: So, this puts into perspective the opportunity ahead of us in the big markets, with a product that is going to win. Switching gears a little bit here—in that, we're focusing on a product.

Speaker #1: We're focusing on the customers. We're making traction on those fronts. The other critical front, as part of the transformation of Ensurge to get us onto a fixed cost basis and a lean cost structure, is that it allows us to focus on what matters.

Shauna McIntyre: This is on the left. This is a released microbattery. This company advertised this microbattery as being a solid-state battery. Similar voltage range as our own, but take a look at that volumetric energy density and the gravimetric energy density, the specific energy. Substantially lower. They are finding markets for these little products. Wireless cooktop sensors or a tiny wireless charging form factor. These are opportunities that this company has identified and found, but with a woefully inferior product to our own. This puts it into perspective of the opportunity ahead of us in the big markets with a product that is going to win. Switching gears a little bit here, and that is we are focusing on the product, we are focusing on the customers, we are making traction on those fronts.

Speaker #1: Not on building rents, not on the heating and ventilation to power a large building, but on the technology and on attracting customers. So, we've found a great building around the corner from Ensurge at a smaller footprint, which is all we need, especially with our product-led focused model, that we save substantially to the company.

Speaker #1: Which is about three and a half million dollars per year, which is a 70% reduction to what we spend now. So 70% reduction. So one-third of what our total costs are and even less.

Speaker #1: And what is most important is it brings our total cost basis down to something that's very manageable in terms of the percentage of our total burn.

Speaker #1: So today, site-related costs are about a third of every dollar we spend—or every krone we spend. But moving into this new building, with the terms and termination, and agreement terms very favorable to Ensurge, allows us to get to a level where our site-related costs are only 10% of what we do.

Shauna McIntyre: The other critical front as part of the transformation of Ensurge is to get us into a fixed cost basis and a lean cost structure that allows us to focus on what matters. Not on building rents, not on the heating and ventilation to power a large building, but on the technology and on attracting customers. We found a great building around the corner from Ensurge at a smaller footprint, which is all we need, especially with our product-led focused model, that we save substantially to the company. Which is about $3.5 million per year, which is a 70% reduction to what we spend now. 70% reduction. One third of what our total costs are, and even less. Most importantly is it brings our total cost basis down to something that is very manageable in terms of the percentage of our total burn.

Speaker #1: So, that allows us to focus again on what matters. The total quantum of impact to the corporation is quite substantial. If you take the overall lease term and all the costs that are associated with that, plus the favorable termination agreement we've received, plus the move-in agreement we've negotiated, it saves almost $10 million for the company over the lease term.

Speaker #1: This is substantial. And also, very excitingly for us, it gives us a showcase facility. It gives us a facility that has natural light and the opportunity to be a showcase for our customers and our partners, still in the heart of Silicon Valley, in an even more easily accessible location.

Speaker #1: So, we are extremely excited about this move. We have also negotiated with the incoming tenant to have a period of transition, such that we have continuity of our operations during the course of the move.

Shauna McIntyre: Today, site-related costs are about a third of every dollar we spend, or every NOK we spend. Moving into this new building with terms, with termination agreement terms, very favorable to Ensurge, allows us to get to a level where our site-related costs are only 10% of what we do. That allows us to focus again on what matters. The total quantum of impact to the corporation is quite substantial. If you take the overall lease term and all the costs that are associated with that, plus the favorable termination agreement we have received, plus the move-in agreements we have received or that we have negotiated, saves almost $10 million for the company over the lease term. This is substantial. It also, very excitingly for us, is that it gives us a showcase facility.

Shauna McIntyre: Today, site-related costs are about 1/3 of every dollar we spend, or every NOK we spend. Moving into this new building with terms, with termination agreement terms, very favorable to Ensurge, allows us to get to a level where our site-related costs are only 10% of what we do. That allows us to focus again on what matters. The total quantum of impact to the corporation is quite substantial. If you take the overall lease term and all the costs that are associated with that, plus the favorable termination agreement we have received, plus the move-in agreements we have received or that we have negotiated, saves almost $10 million for the company over the lease term. This is substantial. It also, very excitingly for us, is that it gives us a showcase facility.

Speaker #1: That, in and of itself, is something that is a notable negotiation that we've accomplished to make sure that we don't skip a beat in our development while we're substantially reducing the costs to the company.

Speaker #1: To review the financials, you'll see that the revenue has generally stayed fairly flat. We had some revenue in Q1. Our operating expense is generally flat as well, accounting for the capitalization that had occurred in 2025 until around November of 2025.

Speaker #1: And we're keeping—excuse me—we're keeping costs relatively flat while making sure we're restructuring and refocusing where we put costs, so that where we put those costs matters.

Shauna McIntyre: It gives us a facility that has natural light and an opportunity to be a showcase for our customers and our partners, still in the heart of Silicon Valley in an even easier accessible location. We are extremely excited about this move. We have negotiated as well with the incoming tenant to have a period of transition such that we have continuity of our operations during the course of the move. That in and of itself is something that is a notable negotiation that we have accomplished to make sure that we do not skip a beat in our development while we are substantially reducing the cost to the company. To review the financials, you will see that the revenue has generally stayed around flat. We had some revenue in Q1. Our operating expense is generally flat as well, accounting for the capitalization that had occurred in 2025 until around November of 2025.

Speaker #1: We raised a new round of funding in Q2. As mentioned in the report, the board is evaluating numerous pathways given the growing concerns outlined in the report.

Speaker #1: To summarize, the outlook is in the second half has not changed. It is still focused on commercialization. It is to receive the external validation with a leaner cost basis by the year-end.

Shauna McIntyre: That in and of itself is something that is a notable negotiation that we have accomplished to make sure that we do not skip a beat in our development while we are substantially reducing the cost to the company. To review the financials, you will see that the revenue has generally stayed around flat. We had some revenue in Q1. Our operating expense is generally flat as well, accounting for the capitalization that had occurred in 2025 until around November of 2025.

Speaker #1: External validation means that an outside party has understood that what we bring is credible and real, and actually can perform in a repeatable way.

Speaker #1: And what we've delivered in the first half is record performance in Q1, record reliability in Q2, with major breakthroughs in our fundamental science and our fundamental building block.

Speaker #1: We've restructured the team, which is now complete. Now we have this fantastic team that rises to the occasion. There's energy in the building. There's talent that knows what battery development is all about.

Shauna McIntyre: We are keeping costs relatively flat while making sure we are restructuring and refocusing where we put costs so that where we put those costs matters. We raised a new round of funding in Q2, and as mentioned in the report, the board is evaluating numerous pathways given the going concern mentioned in the report. To summarize, the outlook of the H2 has not changed. It is still focused on commercialization. It is to receive that external validation with a leaner cost basis by the year-end. External validation means that an outside party has understood that what we bring is credible and real and actually can perform in a repeated way. What we have delivered in the H1 is record performance in Q1, record reliability in Q2, with major breakthroughs in our fundamental science and our fundamental building block. We have restructured the team, which is now complete.

Speaker #1: While building from the legacy of the past, and continuing with some of those brilliant people who have then gone on to contribute today, the commercial function and our finance function are now being built up so that we have a nice, well-rounded team. We can focus on our lean operating structure and maintaining that, while also bringing in customers and transitioning from being R&D to a new product introduction that we do along with customers.

Speaker #1: So the momentum right now is building in the company, and it is fun to see the dynamic right now—the energy, the buzz we have about the accomplishments we've achieved, the performance in Q1, the repeatability, and the dramatic improvements to our core fundamental electrolyte science.

Speaker #1: And now we bring this in Q1—excuse me, in H2—in terms of a repeatable product, that we demonstrate that repeatability across larger sample sizes.

Speaker #1: We advance our JDA as we typically have. On the commercial front, we'll have milestones when it comes to customer development agreements. We will convert this pipeline.

Shauna McIntyre: Now we have this fantastic team that rises to the occasion. There is energy in the building. There is talent that knows what battery development is all about while building from the legacy of the past and continuing with some of those brilliant people who have then continued on to contribute to today. The commercial function and our finance function are now being built up so that we have a nice well-rounded team, and we can focus on our lean operating structure and maintaining that, while also bringing in customers and transitioning from being R&D to a new product introduction that we do along with customers.

Speaker #1: We anticipate moving that into a multi-year development program, and we will build that story publicly. This is a story that we're telling. This is an opportunity for the world to have a better battery—a better micro battery—a battery that unlocks new products and brings new value to the world in a way that nobody knew, by packing more electrons in that box.

Speaker #1: And lastly, by completing that site relocation and having that fixed-cost restructuring behind us, we will now have that purpose-built pilot manufacturing line that can then be focused on that battery repeatability.

Shauna McIntyre: The momentum right now is building in the company, and it is fun to see the dynamic right now, the energy, the buzz we have about the accomplishments we have done, the performance in Q1, the repeatability, and the improvements, dramatic improvements to our core fundamental electrolyte science. Now we bring this in Q1, excuse me, in H2, in terms of a repeatable product that we demonstrate that repeatability across larger sample sizes. We advance our JDA as we typically, as we have. On the commercial front, we will have milestones when it comes to customer development agreements. We will convert this pipeline. We anticipate moving that into a multi-year development program. We will build that story publicly. This is a story that is worth telling.

Speaker #1: And be a showcase for our customers. So we feel like we're just getting started. We have our legs under us in terms of what we can do and the repeatability—that rubric of what good looks like—and how we're going to bring it forward so that we can unlock the value of Ensurge to the public.

Speaker #1: And we're very excited, and we've never been more motivated. So that concludes my prepared remarks. I'm happy to open it up to questions, so please, if you could, put your questions in the chat.

Shauna McIntyre: This is an opportunity for the world to have a better battery, a better microbattery, a battery that unlocks new products and brings new value to the world in a way that nobody knew by packing more electrons in that box. Lastly, by completing that site relocation and having that fixed cost restructuring behind us, we will now have that purpose-built pilot manufacturing line that can then be focused on that battery repeatability and be a showcase for our customers. We feel like we are just getting started. We have our legs under us in terms of what we can do on the repeatability, that rubric of what good looks like and how we are going to bring it forward so that we can unlock the value of Ensurge to the public. We are very excited, and we have never been more motivated. That concludes my prepared remarks.

Speaker #1: I'm not actually seeing any questions, so I might just offer a few that I realize I may not have shared.

Speaker #1: So, when you talk about repeatability, what does that actually mean? I think what's important is that the way we test repeatability is something that goes across multiple factors.

Speaker #1: So repeatability doesn't mean that just one run or one quad has lots of cells that work. That, in and of itself, is important—that one run of the product actually has repeatability amongst itself.

Speaker #1: But we're holding ourselves to a higher bar, which is to do that—that's important—but then also address lot-to-lot variation as well. Sometimes lots can change.

Shauna McIntyre: Happy to open it up to questions. Please, if you could, put your questions in the chat. I am not actually seeing any questions, so I might just offer a few that I might realize that I may not have shared. When you talk about repeatability, what does that actually mean? I think what is important is the way we test repeatability is something that goes across multiple factors. Repeatability does not mean that just one run or one quad has lots of cells that work. That in and of itself is important, that one run of the product actually has repeatability amongst itself. We are holding ourselves to a higher bar, which is then do that is important, but then lot to lot variation as well. Sometimes lots can change by day, by night, et cetera, by ambient conditions.

Speaker #1: By day, by night, etc.—my ambient conditions. So that's an example of repeatability. And then the bar we're holding ourselves to. So, I did get a question.

Speaker #1: Thank you so much. On the paid customer development agreement, what specifically remains to be agreed before it can be signed? Is it mainly commercial terms now, or are there still technical milestones that need to be achieved first?

Speaker #1: Okay, let me answer that one. So, we are negotiating. We have been very careful to negotiate terms that are favorable to the company. It's one thing to have an agreement.

Speaker #1: It's one thing to have a paid customer agreement; it's another to have the customer truly committed to developing that product with a partner.

Speaker #1: And then lastly, it’s another thing to have a paid development agreement with terms that are favorable to the company. So we’re making sure all those things exist, and it’s better to be very diligent and make sure that we’re doing it right rather than quickly.

Speaker #1: You say the paths of PoC exit are now defined. What specifically remains to exit PoC, and do you believe this can be achieved during the first half of 2026?

Speaker #1: This gives you during the second half of 2026. So, the POC exit is not just about hitting the cycling data that we're looking for, for that flat curve or that near-flat curve, so that it's aligned with customer expectation.

Shauna McIntyre: That is an example of repeatability and the bar we are holding us to. I did get a question. Thank you so much. On the paid customer development agreement, what specifically remains to be agreed before it can be signed? Is it mainly commercial terms now, or are there still technical milestones that need to be achieved first? Let me answer that one. We are negotiating. We have been very careful to negotiate terms that are favorable to the company. It is one thing to have an agreement. It is one thing to have a paid customer agreement. It is another thing to have the customer truly committed to developing that product with a partner. Lastly, it is another thing to have a paid development agreement with terms that are favorable to the company.

Speaker #1: But it's also, again, as I mentioned, doing it in a repeatable form. So we have live sites, I would say, to being able to have a POC. We are working across equipment and other processes to make sure that we bring those building blocks together.

Speaker #1: But I remain confident, especially now that we've applied this rubric, or this example, of how we were able to put our arms around one process step and make dramatic improvements.

Speaker #1: And that kind of methodology is something that has already unlocked speed for us, and I'm excited for what's to come. Let's see. You now say you're in active discussions with more than a dozen top-tier potential customers on multi-year development agreements.

Speaker #1: I would not say I'm in active discussion with more than a dozen. I would say we are in active discussion with many potential customers on multi-year development agreements.

Shauna McIntyre: We're making sure all those things exist, and it's better to be very diligent and make sure that we're doing it right rather than quickly. You say the path to POC exit is now well-defined. What specifically remains to exit POC, and do you believe this can be achieved during H1 2026? This would be during H2 2026. The POC exit is not just about hitting the cycling data that we're looking for that flat curve or that near flat curve, so that it's aligned with customer expectation. But it's also, as I mentioned, doing it in repeatable form. We have line of sight, I would say, to being able to have a POC. We are working across equipment and other processes to make sure that we bring those building blocks together.

Speaker #1: How many of these are at an advanced stage, and could we realistically see an additional paid development agreement following the first one? I would say that typically—and I can't predict the future—but I would just say that in my experience, that first customer agreement is quite hard.

Speaker #1: It's the hardest. It's like you're unsealing a cap. So that first one does set the example and provides external credibility for others to follow.

Speaker #1: We're very careful, however, not to overextend ourselves, because what I've also seen in my past is that when you get excited and you do lots of customer agreements, the problem is you have a fixed team that then needs to be able to address and support all those customers.

Shauna McIntyre: I remain confident, especially now that we've applied this rubric or this example of how we were able to put our arms around one process step and make dramatic improvements, and that kind of methodology is something that has already unlocked speed for us, and I'm excited for what's to come. Let's see. You now say you're in active discussions with more than a dozen top-tier potential customers on multi-year development agreements. I would not say I'm in active discussion with more than a dozen. I would say we are in active discussion with many potential customers on multi-year development agreements. How many of these are at an advanced stage, and could we realistically see an additional paid development agreement following the first one?

Speaker #1: What actually worked quite well for us at Google during my time there was that we had launch partners and then we had scaled partners.

Speaker #1: And I envision something like this here, where you have a launch partner and then you have your product that you develop along with that launch partner.

Speaker #1: And that launch partner has that special advantage of being the first. But then, what you develop—and you already have a path for—is your own product, right?

Speaker #1: And it's our own development. We can then scale that with other customers into other segments that aren't competitive, so that gives us that scale to move across segments.

Speaker #1: While keeping the simplicity or the controllability team. So, I would say we're in active discussion with numerous potential customers on multi-year agreements. And I would say that we are—I'm not going to be able to speculate on how many can possibly be signed, certainly by the end of the year.

Shauna McIntyre: I would say that typically, and I can't predict the future, but I would just say that in my experience, that first customer agreement is quite hard. It's the hardest. It's like you're untapping a seal. That first one does set the example and does provide credibility, external credibility for others to follow. We're very careful, however, not to overextend ourselves, because what I've also seen in my past is that when you get excited and you do lots of customer agreements, the problem is you have this fixed team that then needs to be able to address and support all those customers. What actually worked quite well for us at Google during my time there, is we had launch partners, and then we had scale partners.

Speaker #1: But thank you for your question. Very much appreciate it. Okay, let's see. How many employees are working in Ensurge now? How many consultants or similar?

Speaker #1: We really ratcheted back consultants. That's not something that—we have maybe one or two consultants. We have some advisors as well, you'll see on our website.

Speaker #1: We have the world-leading expert in LIPON and LiCo technology, Dr. V. He's a distinguished scientist from Oak Ridge National Lab. He has been an absolute joy to work with.

Speaker #1: And so, he's an advisor. He comes and he advises, but he's not a consultant acting like an employee. That's actually something that we're very careful about.

Shauna McIntyre: I envisioned something like this here, where you have a launch partner, and then you have your product that you develop along that launch partner, and that launch partner has that special advantage for being the first. But then what you developed and you already have patented as your own product, right, and it's our own development, we can then scale that with other customers into other segments that aren't competitive. That gives us that scale to move across segments while keeping the simplicity or the controllability of then what we do as a team. I would say we're in active discussion with numerous potential customers on multi-year agreements, and I would say that I'm not going to be able to speculate on how many can possibly be signed, certainly by the end of the year. But thank you for your question. Very much appreciate it. Okay.

Speaker #1: California employment law would prevent that. So we have a couple of consultants, yes. But active employees, we have about 50. I haven't counted, but it's plus or minus that.

Speaker #1: So, small but very mighty team. Let's see. You say the goal is to advance according to JDA toward completion of phase one. What specifically defines completion of phase one, and what happens commercially after that?

Speaker #1: So I won't be able to answer the latter piece, because what happens commercially after that is not something that I can speculate about. But phase one of the JDA is important and is something that will validate the technology.

Speaker #1: And that's really about a single-layer form and getting to the performance of a single-layer product. Yeah. Okay. Thanks so much for this question.

Speaker #1: Why aren't there any videos or similar showcasing the batteries and battery technology? Absolutely, challenge accepted. That is something that we've actually been talking about.

Shauna McIntyre: Let's see. How many employees are working in Ensurge now? How many consultants or similar? We really ratchet back consultants. That's not something that we have, maybe one or two consultants. We have some advisors as well. You'll see on our website, we have the world-leading expert in LiPON on LiCo technology, Dr. Ve. He's a distinguished scientist from Oak Ridge National Lab. He has been an absolute joy to work with, and so he's an advisor. He comes and he advises, but he's not a consultant acting like an employee. That's actually something that we're very careful of. California employment law would prevent that. We have a couple of consultants, yes. But active employees, we have about 50. I haven't counted, but it's plus or minus that. A small but very mighty team. Let's see.

Speaker #1: So Lil has been on board maybe a few weeks, and that is something that we're working towards. So more to come on that, because we really do want to showcase what we're doing.

Speaker #1: It's a phenomenal technology. It is, as a customer once said—and we've quoted this before—the mother of all inventions. Having been in the company about a year now, this is something that I absolutely, 100% believe in because it unlocks so much potential in the world.

Speaker #1: All right. I think there are more questions. Let's see. New post. Pardon me. Okay. Before, X improvement in LIPON ionic conductivity and 3X improvement in process uniformity look significant.

Shauna McIntyre: You say the goal is to advance the Corning JDA toward completion of phase 1. What specifically defines completion of phase 1, and what happens commercially after that? I won't be able to answer the latter piece because what happens commercially after that is not something that I can speculate about. But the phase 1 of the JDA is something that's important and is something that will validate the technology, and that's really about a single layer form and getting to performance of a single layer product. Okay, thanks so much for this question. "Why aren't there any videos or similar showcasing the batteries and battery technology?" Absolutely. Challenge accepted. That is something that we've actually been talking about. Salil has been on board maybe a few weeks, and that is something that we're working towards.

Speaker #1: It is. Was LIPON one of the main technical bottlenecks preventing repeatability in POC exit, and has that bottleneck now largely been resolved? So, very good question.

Speaker #1: I would say that LIPON was a major bottleneck. Each process step has the potential to be a bottleneck, but LIPON is something that is so unique to us.

Speaker #1: The LICO on stainless steel is also unique, but our LICO is also delivered to us by Corning as a benefit of their ribbon-on-ceramic.

Speaker #1: So, the LIPON, because it translates across both, is a critical step for us to nail—and did. After that, the ACC, which is the anode current collector, the dicing, the stacking—these are, I would say, important. And cell design is important, and encapsulation is important.

Shauna McIntyre: More to come on that because we really do want to showcase what we're doing. It's a phenomenal technology. It is what a customer once said, and we've quoted this before, "The mother of all inventions." Having been in the company about a year now, this is something that I absolutely 100% believe in because it unlocks so much potential in the world. All right. I think there are more questions. Let's see. New post. Pardon me. Okay. "The 4X improvement in LiPON ionic conductivity and 3X improvement in process uniformity looks significant." It is. "Was LiPON one of the main technical bottlenecks preventing repeatability in POC exit, and has the bottleneck now largely been resolved?" Very good question. I would say the LiPON was a major bottleneck.

Speaker #1: They are bottlenecks, I would say. I would say the LIPON, for me, was probably the key thing. What others did was unlock the methodology that we use.

Speaker #1: So now we go and we swarm the next process. Okay, what's the spec? What do we need it to achieve? What are the levers that we can pull from to arrive at that?

Speaker #1: What is the other science in the world brought by Dr. V, who has seen this before? And we can then bring that to accelerate the development.

Speaker #1: I would say the LIPON breakthrough happened in a matter of weeks. After identifying all the options we had—the levers we had to pull between the composition of all the different elements in the LIPON, the nitrogen gas going into the process, the equipment itself—and by doing that, the speed at which we were able to get those results was really exciting.

Shauna McIntyre: The process steps, each process step, it has the potential to be a bottleneck, but LiPON is something that is so unique to us. The LiCO on stainless steel is also unique, but our LiCO is also delivered to us by Corning as a benefit of their Ribbon Ceramic. The LiPON because it translates across both was a critical first step for us to nail, and we did. After that, the ACC, which is the anode current collector, the dicing, the stacking, these are, I would say, important, and cell design is important, encapsulation is important. Are they bottlenecks? I would say the LiPON for me was probably the key thing. Other thing it did was unlock the methodology that we use. Now we go and we swarm the next process. Okay, what's the spec? What do we need it to achieve?

Speaker #1: So, more to come on that. Okay. You say that additional funding will be required. Are you primarily looking at a traditional equity raise, or could the next funding also come from strategic partners?

Speaker #1: Customers or investors connected to the commercial programs? Unfortunately, I can't speculate, so I can't answer that question directly. I would just say, thanks to having Bryce on board, I could not be happier to have a real thought partner here, and somebody who's now going to double our efforts, essentially.

Speaker #1: It's not just me, but now I have a second real partner, and somebody who's got the experience from the capital markets, fundraising, deep tech. The one thing is that Bryce is very modest.

Speaker #1: He was a bench chemist who worked on batteries early on, polymer batteries. And now he's our CFO, so he gets it immediately. I mean, it's fantastic.

Shauna McIntyre: What are the levers that we can pull from to arrive at that? What is the other science in the world brought by Dr. Veith, who has seen this before? We can then bring that to then accelerate the development. I would say the LiPON breakthrough happened in a matter of weeks after identifying all the opportunities we had, the levers we had to pull between the composition of all the different elements in the LiPON, the nitrogen gas going into the process, the equipment itself. By doing that, the speed at which we were able to get those results was really exciting. More to come that. "You state that additional funding will be required. Are you primarily looking at traditional equity raise, or could the next funding also come from strategic partners, customers, or investors connected to the commercial programs?" Unfortunately, I can't speculate.

Speaker #1: And so, for somebody who gets the science, it's not easy to get. And so now, to translate that using videos, as was suggested, I absolutely, totally agree.

Speaker #1: It's really bringing our story to life and showcasing this. We're still getting to that point, but I'm very excited about what's to come.

Speaker #1: By having people on board who are going to be helpful in that regard. All right, we've got some new questions. I love this. Let's see.

Speaker #1: What do you believe? What do you believe investors are currently underestimating most about Ensurge? I like that question because I do feel like we're still the diamond in the rough, right?

Speaker #1: We are something that just hasn't had its moment in the sun yet. And we have such a miraculous team. We have such fantastic technology.

Speaker #1: We have wonderfully supportive investors who, believe me, I appreciate every single day. We have a board that is supportive and really helping us build the story, and I truly believe that, as I just mentioned before, all these things come together as this perfect storm, so to speak, or perfect opportunity.

Shauna McIntyre: Unfortunately, I can't answer that question directly. I would just say thanks to having Bryce on board, I could not be happier to have a real thought partner here and somebody who's now going to double our efforts essentially. It's not just me, but now I have a second real partner and somebody who's got the experience from the capital markets, fundraising, deep tech. The one thing that Bryce is very modest. He was a bench chemist who worked on batteries early on, polymer batteries, and now he's our CFO, so he gets it immediately. It's fantastic. Somebody who gets the science, it's not easy to get. Now to translate that using videos that was suggested, absolutely, totally agree to really bring our story to life and to showcase this.

Speaker #1: Where it is the right technology, the right opportunities, the markets are fast and moving—and those markets are fast moving. I come from the auto sector, where every vehicle took seven years.

Speaker #1: You think about the other solid-state companies doing this—solid-state battery companies working on battery technologies or other battery chemistries—they're focused on the automotive sector.

Speaker #1: Those take so long. We're talking about consumer, defense, industrial, wearables. These things move quickly. So we have the right technology, the right opportunity, the right team—which is a team that can deliver—and I’ve just really been so pleasantly surprised by our team.

Shauna McIntyre: We're still getting to that point, but I'm very excited about what's to come by having people on board who are going to be helpful in that regard. All right. We've got some new questions. I love this. "What do you believe investors are currently underestimating most about Ensurge?" I like that question because I do feel like we're still the diamond in the rough, right? We are something that just hasn't had its moment in the sun yet, and we have such a miraculous team. We have such a fantastic technology. We have wonderfully supportive investors who believe me, I appreciate every single day. We have a board that is supportive and in really helping us build a story.

Speaker #1: And we have the right investors. We have the right story. So now, the thing is bringing that story and actually doing a much more strategic job.

Speaker #1: I was telling that story, and one of the reasons to bring on a commercial leader—rather than it being in the back seat, let's have it in the front seat with us as we drive this exciting sports car to its next destination.

Speaker #1: Okay. Any other questions? One new one. Okay, great, thank you. Yeah, you mentioned credible external validation as the H2 objective. Who will perform that validation, and what exactly needs to be independently validated?

Speaker #1: So, I think the thing there is that we do have third-party labs that could certainly validate our product, and that's something that we're working toward.

Shauna McIntyre: I truly believe that, as I just mentioned before, all these things come together as this perfect storm, so to speak, or perfect opportunity where it is the right technology, the right opportunity. The markets are fast and moving, and those markets are fast-moving. I come from the auto sector where every vehicle took 7 years. You think about the other solid-state companies doing this, solid-state battery companies doing battery technologies or other battery chemistries, they're focused on the automotive sector. Those take so long. We're talking about consumer, defense, industrial, wearables. These things move quickly. We have the right technology, the right opportunity, the right team, which is a team that can deliver, and I've just really been so pleasantly surprised by our team. We have the right investors. We have the right story.

Speaker #1: It's also about commercial validation. It's which company is going to put our product in their roadmap, and that they have overcome—that they understand the credibility, right?

Speaker #1: That they see the credibility. They've overcome any challenges or concerns there—the credibility not just of the technology, but of the team that's delivering.

Speaker #1: Because in these multi-phase, multi-year development programs, you're at the table together for many years to come. So it's not just, "Here's a great technology," and we'll go away.

Speaker #1: This is, no, here's a great technology and we're going to follow it until it goes to production and is in customers' hands in high-volume form.

Speaker #1: So it's that credibility and that believability, and that risk-taking by the customers to make sure that this is something they're excited to do and they're ready to do.

Speaker #1: And that—excuse me—that is something that we're excited to bring on board. Okay, here's a question, and I think this might be a specific question.

Shauna McIntyre: Now the thing is bringing that story and actually doing a much more strategic job of telling that story. One of the reasons to bring on a commercial leader, rather than it being in the back seat, let's have it in the front seat with us as we drive this exciting sports car to its next destination. Okay. Any other questions? One new one. Okay, great. Thank you. "You mentioned credible external validation as the H2 objective. Who will perform that validation, and what exactly needs to be independently validated?" I think the thing there is that we do have third-party labs that could certainly validate our product, and that's something that we're working toward. It's also about commercial validation. It's what company is going to put our product in their roadmap. And that they have overcome, they understand the credibility.

Speaker #1: I'm not able to answer it, but I'll read it. Do you expect a deal with the mentioned company within a month or within six months?

Speaker #1: It's not speculation but an indication of progress, so I would say we're making progress—no question. And that's what's been publicly disclosed. So, what does 'very soon' mean from your perspective?

Speaker #1: Again, I'm probably unable to put a definition on that, but I will say that we're working diligently toward that, and everything already shared publicly still applies.

Speaker #1: How much customization does the sensor customer actually require? Is it fundamentally the same Insurge product platform or a substantially different battery line? It is the Insurge product platform.

Speaker #1: That is what we're talking about. We're not looking at anything else. That would be a degree of complexity that—if there's one thing I've learned in 30 years of commercializing new hardware, it's that hardware likes simplicity.

Shauna McIntyre: That they see the credibility. They've overcome any challenges or concerns there with the credibility, not just of the technology, but of the team that's delivering. Because in these multi-phase, multi-year development programs, you're at the table together for many years to come. So it's not just, "Here's a great technology, and we'll go away." This is, "No, here's a great technology, and we're going to follow it until it goes to production and is in customers' hands in high volume form." So it's that credibility and that believability and that risk-taking by the customers to make sure that this is something they're excited to do, and they're ready to do. And that, excuse me, that is something that we're excited to bring on board. Okay, here's a question, and I think this might be a specific question I'm not able to answer, but I'll read it.

Speaker #1: So, it is about focusing on making sure that the hardware is in its most simple—perhaps 'simple' is an understatement—but being very much without complexity.

Speaker #1: And that is then what drives quality, and then that removes, say, warranty challenges and other field issues. So, I don't anticipate adding complexity to this team.

Speaker #1: It's a very small team. How much customization does the sensor company actually require? So I would say no company needs its own customization of the battery itself.

Speaker #1: When we get to form factor, okay, that's where the goodness of our technology is. But right now, we don't have to worry about that.

Speaker #1: Right now, we're still in that proof-of-concept phase, and even into engineering validation, it's really about validating the product itself. As we get into engineering validation and move into design validation, that's when you start angling it toward the specific end use case.

Shauna McIntyre: Do you expect a deal with the mentioned company within a month or six months? It's not speculation, given an indication of progress. I would say we're making progress, no question, and that's what's been publicly disclosed. What is very soon in your perspective? Again, I'm probably unable to put a definition on that, but I will just say that we're working diligently toward that, and everything already shared publicly still applies. How much customization does the sensor customer actually require? Is it fundamentally the same Ensurge product platform or a substantially different battery design? It is the Ensurge product platform. That is what we're talking about. We're not looking at anything else that would be a degree of complexity. If there's one thing I've learned in 30 years of commercializing new hardware, it's that hardware likes simplicity.

Speaker #1: And that's when it has a form factor that might look different, but the actual building block of the company—the product—is the same.

Speaker #1: Yeah. Will the technology and manufacturing improvements developed through the sensor program also be applicable to other customers and markets? Absolutely, yes. And so this goes back to this launch-and-iterate type of strategy, where you launch with a company and you iterate with other companies, but you have a launch platform and you don't change your fundamental building block across companies.

Speaker #1: You might change form factor, but the actual cell design can stay consistent, and that minimizes complexity. Back to the complexity piece: hardware doesn't like complexity, so that's purposely minimized.

Shauna McIntyre: It is about focusing on making sure that that hardware is in its most, simple is perhaps another statement, but being very without complexity, and that is then what drives quality. Then that removes, say, warranty challenges and other field issues. I don't anticipate adding complexity to this team. It's a very small team. How much customization does the sensor company actually require? I would say no company needs its own customization of the battery itself. When we get to form factor, okay, that's where the goodness of our technology is. But right now, we don't have to worry about that. Right now, we're still in that proof of concept phase, and even into engineering validation, it's really about validating the product itself.

Speaker #1: Okay, what are the two or three milestones you believe investors should use to measure Ensurge's progress over the next six months? I would hold me accountable to this presentation.

Speaker #1: I would not deviate from this presentation. There is a point why this presentation was put together, and I would say that is key. I would say we're looking to bring on a customer with external validation, dramatically reduce our fixed costs, so that we can have a showcase facility and deliver and build on the building blocks from Q1 and Q2—the performance, the repeatability. H2 is about bringing it together.

Speaker #1: Okay, okay. There's one. I'm sorry. I want to—I hope you recognize the enormous discrepancy between the share price and market, and Ensurge in its future prospects, in this presentation.

Shauna McIntyre: As we get into engineering validation and move into design validation, that's when you start angling it toward the specific end use case, and that's when it has a form factor that might look different. But the actual building block of the company, the product, is the same. Will the technology and manufacturing improvements developed through the sensor program also be applicable to other customers and markets? Absolutely, yes. This goes back to this launch and iterate type of strategy, where you launch with a company, and you might iterate with other companies. But you have a launch platform, and you don't change your fundamental building block across companies. You might change form factor, but the actual cell design can stay consistent, and that minimizes complexity. Back to the complexity piece, hardware doesn't like complexity, so that's purposely minimized.

Speaker #1: And the former. If the company is genuinely as undervalued—so, yeah, why wouldn't somebody purchase? Speculation, sure. If somebody—this is a question that I think is not something I can answer.

Speaker #1: But why not a single member purchase Ensurge shares in the open market? Sure. Everybody is open and welcome to purchase Ensurge shares in the open market.

Speaker #1: Okay. And then I think this will probably be the last question I'm able to take, but I'm happy to answer if any others come in.

Speaker #1: Please jump in. But encapsulation of the seamless field layers has early been described as a key issue that needed to be solved. In the last report, they described—I think this was actually Accelerate Capital—described that the final way of encapsulating, excuse me.

Shauna McIntyre: Okay, what are the two or three milestones you believe investors should use to measure Ensurge's progress over the next 6 months? I would hold me accountable to this presentation. I would not deviate from this presentation. There is a point why this presentation was put together, and I would say that is key. I would say we're looking to bring on a customer with external validation, dramatically reduce our fixed costs so that we can have a showcase facility, and deliver and build on the building blocks from Q1 and Q2. The performance, the repeatability. H2 is about bringing it together. Okay. There's one, I'm sorry, one I missed. I hope you recognize the enormous discrepancy between the share price and market capitalization, and the way you describe Ensurge and its future prospects in this presentation and the former.

Speaker #1: They described that the final way of encapsulating the layers was not yet found. What is the status of encapsulation as of today? So encapsulation is just that.

Speaker #1: It's just the hermetic seal around the product. So yes, Accelerate was accurate in their report by saying that that is something that still needs to be done.

Speaker #1: But it's also not rocket science. It's just a seal around the product. Now, it's also very application-specific, because if you have a sensor on a drone or a micro robot, or a sensor in an industrial setting, or a wearable ring, or a hearable, etc., that encapsulation to be hermetically sealed to the product might look different.

Speaker #1: So, the actual—I would say the actual technology is just a matter of having it be sealed to the ambient, the atmosphere. And we've done that.

Speaker #1: We used Kyocera for our little ceramic boxes, but there are other ways we can hermetically seal the product. So that's not something I would say to get concerned about.

Shauna McIntyre: If the company is genuinely as undervalued, why not somebody purchase. Speculation, sure. This is a question that I think is not something I can answer. But why not a single member purchase Ensurge shares in the open market? Sure. Everybody is open and welcome to purchase Ensurge shares in the open market. Okay, and then I think this will be probably the last question I'm able to take, but I'm happy to answer if there are any others come in, please jump in. But encapsulation of the stainless steel layers has earlier been described as a key issue that needed to be solved. In the last report they described, I think this was actually Accelerate Capital, described that the final way of encapsulating the layers was not yet found. What are the status of encapsulation as per today? So encapsulation is just that.

Speaker #1: It's just the wrap around the product. Let's see. I think I'm unable to—do you believe the current share price reflects the progress Ensurge has made, technically and commercially?

Speaker #1: And what do you think needs to happen for the market to recognize that progress? I wish I knew, believe me. All I know is from the inside of the company, and what we're building is incredibly exciting.

Speaker #1: We have the world-leading experts on our team. The fact that we're able to cherry-pick the best talent in the industry means we have the know-how in the building to solve engineering challenges.

Speaker #1: Again, this is not fundamental physics. The physics works. This is just a matter of bringing this technology into a repeatable form so that it's scalable.

Speaker #1: It's something that can ship in a scaled form. So, what I see as a company is one that has tremendous potential and one that is working in the right direction.

Shauna McIntyre: It's just the hermetic seal around the product. Yes, Accelerate was accurate in their report by saying that that is something that still needs to be done. But it's also not rocket science. It's just a seal around the product. Now, it's also very application specific. Because if you have a sensor on a drone or a micro robot or a sensor on an industrial setting or a wearable ring or a hearable, et cetera, that encapsulation to be hermetically sealed to the product might look different. So I would say the actual technology is just a matter of having it be sealed to the atmosphere. And we've done that. We've used Kyocera for our little ceramic boxes. But there are other ways we can hermetically seal the product. So that's not something I would say to get concerned about. It's just the wrap around the product. Let's see.

Speaker #1: I can't speculate or comment on the share price. I just can't. I'm not equipped to do that. All right, I think with that I'm going to have to wrap up.

Speaker #1: I really appreciate the engagement. I appreciate the questions. All I can say is that I am so enthusiastic about what we're doing, and we are an energized team.

Speaker #1: We have accomplished a great deal in a short period of time and very much have the building blocks in place for what’s to come.

Shauna McIntyre: So I would say the actual technology is just a matter of having it be sealed to the atmosphere. And we've done that. We've used Kyocera for our little ceramic boxes. But there are other ways we can hermetically seal the product. So that's not something I would say to get concerned about. It's just the wrap around the product. Let's see.

Speaker #1: So thank you so much. Really appreciate your time. And happy to answer questions that come in. Please email ir@insurge.com with any additional questions. Thank you so much.

Shauna McIntyre: I think I'm unable to. Do you believe the current share price reflects the progress Ensurge has made technically and commercially? What do you think needs to happen for the market to recognize that progress? I wish I knew. Believe me, all I know is from the inside of the company, what we're building is incredibly exciting. We have the world-leading experts on our team. The fact that we're able to cherry-pick the best talent in the industry, we have the know-how in the building to solve engineering challenges. Again, this is not fundamental physics. The physics works. This is just a matter of bringing this technology into repeatable form so that it's something that can ship in scaled form. What I see as a company is one that has tremendous potential and one that is working in the right direction.

Shauna McIntyre: I can't speculate or comment on the share price. I just can't. I'm not equipped to do that. All right. I think with that, I'm going to have to wrap up. I really appreciate the engagement, appreciate the questions. All I can say is that I am so enthusiastic about what we're doing, and we are an energized team. We have accomplished a great deal in a short period of time, and very much have the building blocks in place for what's to come. Thank you so much. Really appreciate your time, and happy to answer questions that come in. Please email ir@ensurge.com with any additional questions. Thank you so much.

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Q2 2026 Ensurge Micropower ASA Earnings Call

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